Wembley Park developer slashes losses by over £600m
Losses at the company behind the transformation of Wembley Park in London were slashed by more than £600m during its latest financial year, it has been revealed.
Quintain has posted a pre-tax loss of £109.5m for 2024, new accounts filed with Companies House show.
The loss is down significantly from the £721.7m pre-tax loss it raked up in 2023.
The Wembley Park developer last made a pre-tax profit when it reported a total of £139.7m in 2022.
The company said the fall in its losses was “driven by the profit on sale of stabilised assets and a lower revaluation deficit for the year on the retained assets”.
The latest set of accounts also show that the firm’s revenue fell from £123.5m to £111.3m in 2024.
Wembley Park includes the London Designer Outlet, Brent Civic Centre, Troubadour Wembley Park Theatre, Boxpark Wembley, a range of independent retailers as well as 5,176 new homes – 3651 of which are under Quintain Living management.
When the Wembley Park project is complete, more than 8,500 homes will have been created, a third of which will be classed as affordable.
There will also be 633,000 sq ft of offices and retail space, creating more than 8,640 jobs.
Wembley Park developer secures lifeline
The results come after Morning Wire reported in January that Quintain had completed the refinancing of London Designer Outlet and build-to-rent development Ferrum at the site with a £233.6m loan from Bank of America.
Quintain was founded by Adrian Wyatt and Christopher Walls in 1992 and floated on the London Stock Exchange four years later.
Ten years after being set up, Quintain acquired the company which owned the land around Wembley Stadium.
US private equity giant Lone Star snapped up Quintain for £745m in 2015.
In January 2024, US private equity giant KKR acquired two BtR buildings from Quintain for an undisclosed sum.
Alameda and Beton, completed in 2019 and 2020 respectively, comprise 490 build to rent units across two buildings and circa 40,000 sq ft of retail and leisure space.